Real estate players are increasingly installing lease administration and accounting software. Given the stringent compliance mandate by International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB), expansive portfolios and complex nature of transactions, software applications have become rather mainstream.
While some prefer to go for a single vendor approach for both lease administration and accounting software, others opt for a best-of-breed option. In either case what is critical is the integration of these two applications for the solution to work as intended and streamline the entire process. In this post we have highlighted some of the key advantages and disadvantages for commercial lease administration and accounting software to help you choose the right application.
Optimizes time and effort
A large number of commercial real estate businesses still rely on paper-based systems to manage their lease agreements. The issue with manual and paper-based processes is managing lease portfolio information efficiently and in a timely manner. With lease management software data is store digitally and centrally, resulting in quick access to information as and when needed, saving time, effort and man hours.
Ensures strict compliance
Lease administration and accounting software, allows you to digitize portfolio information and provides tools to effectively access, analyze and manage data. Best of breed apps usually have advanced features and automated processes that enable you to manage and store accounting information accurately and as per compliance requirements. Most importantly it makes reporting whether retrospective or transactional easy to manage.
Offers transparency and audit trail
With digitized portfolio information you have the power to track and monitor changes made to lease data. Such transparency and ability to track user changes help maintain a full audit trail, eliminate duplicated efforts and maximize efficiency and accountability.
While lease administration software has immense potential to streamline the process it can become a source of major challenge if not chosen correctly. Implementing the wrong solution which is not well aligned with your business can only compound the difficulties in managing lease portfolio.
Opting for lease administration services
There are several advanced and cutting-edge lease management software including – Lease harbor, Visual Lease, Prolease, Lucernex, Accruent, SLIM, Bigcenter, OLVA, Yardi, MRI, Oracle JD Edwards, AMT direct, Costar, IRM & Immopack, et al. Different applications come with host of features and some might seem an expensive investment for small businesses.
Therefore, in order to ensure you have the right lease management software that is best suited for your business requirements, it is recommended that you partner with a vendor who already has access to such software solutions. With commercial real estate service providers, you not only have access to the right software but also save a significant cost and time on training and ensuring readiness of your staff. Such investment is worth every penny in the long run.
If you feel your lease portfolio has potential to perform better with the help of right tools. Talk to us today. We can help choose the right solution enabling you to optimize lease portfolio performance.